Bakers and Olswang advise on €515m Heron Tower refinancing
The 46-storey City landmark is to be refinanced by a loan underwritten by ING Real Estate Finance and Germany's LBBW
April 28, 2016 at 07:03 PM
2 minute read
Baker & McKenzie and Olswang are advising on the refinancing of the City landmark skyscraper Salesforce Tower, formerly known as Heron Tower.
ING Real Estate Finance and Landesbank Baden-Wurttemberg (LBBW) have jointly underwritten a €515m (£400m) loan to refinance the building.
Olswang acted for the trustees of The Heron Tower Property Unit Trust.
Its team was led by the firm's head of real estate finance Andrew Besser and head of real estate Jonathan Lewis and also included tax partner Graham Chase.
Lewis led the Olswang team that advised the company that owns the tower Heron International when it signed up four new occupiers at its iconic London skyscraper in 2013.
Baker & McKenzie advised the ING and LBBW. Its team was led by finance partner Paul Hibbert and real estate partner Stephen Turner.
In 2013 Turner led the Bakers team advising on the £1.35bn financing deal for London's iconic Battersea Power Station.
LBBW is the parent company of three commercial banks in Germany as well as several state owned German banks.
Proskauer Rose lets office space in the 46-storey building at 110 Bishopsgate which is also home to restaurants Sushi Samba and Duck & Waffle.
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